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EURUSD - Remaining On Sidelines For Now

FX:EURUSD   Euro Fx/U.S. Dollar
The Euro             continues to push upward having rebounded against the US Dollar             as expected, hitting the highest level in a month and establishing a foothold above the 1.10 figure. The single currency launched upward following last week’s underwhelming ECB monetary policy announcement.

Near-term resistance is at 1.1117, the 50% Fibonacci retracement. A break above that on a daily closing basis opens the door for a challenge of 1.1257, the intersection of the 61.8% level and a falling trend line set from late August. Alternatively, a move back below resistance-turned-support at 1.0976, the 38.2% Fib, paves the way for a move to the 1.0802-18 area marked by the May 27 low and the 23.6% retracement.

The medium- and long-term EUR/USD             trends continue to favor the downside. That paints the current upswing as corrective, suggesting it represents an on-coming selling opportunity rather than something to be chasing upward. With that in mind, we will remain on the sidelines and wait for an actionable short trade setup to emerge.
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